QIB UK will launch the first structured note using a Sukuk as an underlying asset this month. The capital-protected note will be based on a five-year Sukuk which Qatar Islamic Bank is expected to issue soon, Anouar Adham, Head of Asset Management at QIB UK, told Reuters. “We are planning to launch the product before month-end. We expect this new ground-breaking structure to take off substantially,” Adham is quoted as saying.
The new product relies on Sukuk issuance for capital protection instead of the traditional Murabaha trades, which have raised concerns over Shari’ah compliance………………………………………..Full Article: Source